7% increase in shares in Alibaba
After Jack Ma’s 50-second video last Wednesday, who was considered missing for weeks, Alibaba’s shares rose up by 7%. In the video, he is assessing 100 rural teachers as part of exceptional educators in fast-growing areas. As quoted from our resource, their team has decided to devote themselves to education philanthropy, saying that “working hard for rural revitalization and common prosperity is the responsibility for our generation of businessmen.” The billionaire, who is also a former English teacher spoke about shrinking income disparities as a result of a return of younger talent to rural areas. He has also talked about the importance of education and the change is needed. Ma was missing for two months, after stating that China’s regulatory system does not encourage innovation. He also called for a change in international banking rules, referring to them as an “old man’s club”. Soon after that, China passed new rules that suppressed online financial landing which also had an impact on Ma’s Ant Group. Officials ordered Ant to return to its origins.